NOVEMBER 2021

VOlUME 04 ISSUE 11 NOVEMBER 2021
Islamic Financial Development between the Volatility of Inflation and the Revival of Economic Growth in the MENA Region
1Abderraouf MTIRAOUI, 2Najoua TALBi
1Ph.D., Teacher at the Private University (UPS- EcoGest)-Sousse- Tunisia
2Ph.D., Director at the Private University (UPS- EcoGest)-Sousse- Tunisia
DOI : https://doi.org/10.47191/ijsshr/v4-i11-01

Google Scholar Download Pdf
ABSTRACT

The objective of this article is to study, firsty the direct and indirect effects of Islamic financial development on the variables of economic growth while highlighting the inflastionist situation during the period 2009-2020. Secondy, our empirical contribution is based on the use of simultaneous equation models. Thirdy, we analyze the results found while showing to what extent Islamic financial development remains effective in slowing economic growth when there is an inflationary situation for our MENA study region.

KEYWORDS:

Islamic Financial Development, Inflastionist Situation, Economic Growth and Simultaneous Equation Model.
JEL Classification: G29, E31, O40, C33.

REFERENCES

1) Abu-Bader S. and Abu-Qarn A. S. (2008): ‘‘Financial Development and Economic Growth: Empirical Evidence from Six MENA Countries’’, Review of Development Economics, 12(4), 803–817.

2) Abdelaziz Rouabah (2020): “Inflation and Equity Profitability: An Enigmatic Relationship and a Headache for Central Banks”. ’Economics & Forecasting 2007/1 (No 177), pages 19 - 34.

3) Beck and Levine (2004): “Stock markets, banks, and growth: Panel evidence”. Journal of Banking & Finance, Elsevier.

4) Ben S. Bernanke and Mark Gertler (1999): “Monetary policy and asset price volatility”. Economic Review, Federal Reserve Bank of Kansas City, vol. 84(Q IV), pages 17-51.

5) Abu-Bader S. and Abu-Qarn A. S. (2008): “Financial Development and Economic Growth: Empirical Evidence from Six MENA Countries”, Review of Development Economics, 12 (4), 803–817.

6) Ahmed. H., (2004): "Role of Zakah and Awqaf in Poverty Alleviation", Occasional Paper No. 8, Islamic Research and Training Institute, Islamic Development Bank, Jeddah.

7) Attia. M., (2011): "Islamic Approaches to Development: A case study of Zakat, Sadaqa and Qurd al Hassan in Contemporary Egypt", 8th International Conference on Islamic Economics and Finance..

8) Dhareer, Siddiq al, (1997): "Al-Gharar in Contracts and its Effects on Contemporary Transactions", Jeddah: Islamic Research and Training Institute.

9) Chatti Mohamed Ali (2010) : ‘‘Analyse comparative entre la finance islamique et le capital-risque ‘’, Etudes en économie islamique Vol.4, N°.1.

10) Ebrahim, M.S. (2009): « Can an Islamic model of housing finance cooperative elevate the economic status of the underprivileged ? », Journal of Economic Behavior & Organization 72, pp. 864–883.

11) Fama (1981):’’Rendements boursiers, activité réelle, inflation et argent’’. American Economic Review, vol. 71, numéro 4, 545-65.

12) Iqbal, M. and Khan, M. F. (1981): ‘‘A Survey of Issues and a Programme for Research in Monetary and Fiscal Economics of Islam’’, International Research in Islamic Economics.

13) Khan (1997):”Risk management in Islamic banking: A conceptual framework”. Islamic Research and Training Institute, Jedda.

14) Kaufmann, D.A., Kraay, A., Mastruzzi, M., (2005): “Governance matters Governanc indicators for 1996.2004”. Working paper. The World Bank, Washington, DC.

15) King and Levine (1993a): ‘‘Finance and Growth: Schumpeter Might Be Right.’’ Quarterly Journal of Economics. The MIT Press, Vol. 108, No. 3, pp. 717-37.

16) Levine, R., N. Loayza and T. Beck (2000): ‘‘Financial Intermediation and Growth: Causality and Causes ‘’, Journal of Monetary Economics, 46: 31-77.

17) Majid, S.A. and Kassim, S. (2010): “Islamic finance and economic growth: The Malaysian experience”, In: Kuala Lumpur Islamic Finance Forum, Kuala Lumpur, 2-5 August 20

18) M. Tabash and Raj S. Dhankar (2014): ‘‘The flow of Islamic finance and economic growth: An empirical evidence of Middle East”. Journal of Finance and Accounting. Vol. 2, N°. 1, pp. 11-19. Doi: 10.11648/j.jfa.20140201.12.

19) Mtiraoui A. and. Lassoued M. (2019): ‘‘Interaction Entre La Finance Islamique, La Gouvernance Et La Croissance économique Dans La Région Mena Et L’Asie Pacifique ‘’. Revue Etudes en Economie et Commerce et Finance. Vol. 7, N°. 1, Pages 1069-1103

20) Mtiraoui and Gabsi, (2018): “Finance between Islamic ethics and economic growth in the MENA region”. Researches and Applications in Islamic Finance; Vol. 3, N° 1, p.p: 1-20.

21) Mtiraoui, A. (2020): “Islamic financial development between investment and economic growth in the MENA region and The East Asia and the Pacific”. HAL Working Papers; hal-02523154

22) Peredo, Ana María, and Murdith McLean (2006): "Social entrepreneurship: A critical review of the concept". Journal of World Business 41, N°1, p.p: 56-65.

23) Rym Ayachi Ammar, Mehrez Ben Slama and Dhafer Saidane (2013) : ‘‘ La pratique actuelle des banques islamiques favorise-t-elle la croissance ? ‘‘. Etudes en Economie Islamique, Vol.6, No 1&2,p.p. 12

24) Saadallah (2012): "Islamic Finance and developement", Cahier islamic of finance- N°3; University of strasbourg.

25) Saffari, S. (1995): “Islamic banking in theory and practice “, Centre of Middle Eastern Studies working paper, Havard University.

VOlUME 04 ISSUE 11 NOVEMBER 2021

Indexed In

Avatar Avatar Avatar Avatar Avatar Avatar Avatar Avatar Avatar Avatar Avatar Avatar Avatar Avatar Avatar Avatar